"We avoided them up until now, we made a good decision to not own them," he explained. "We want to re-look the group now, given what's happened to valuations in the last couple of days."

He's talking about Aetna and Wellpoint, among others.

Rendino is also very enthusiastic about IBM.

"Amazing company, half of its business recurring revenues, two-thirds of its business overseas, 75 percent of the business in services, in software," he explained.

There's no doubt he's thinking long-term.

"When we think about IBM, we think about between now and 2010, when we think they're going to earn $11 a share," he said.

Not surprisingly, he also has financials on his radar.

"There are a lot of high-quality financials, whether it's a JPMorgan Chase or an AIG, Bank of America, that are going to be able to withstand the problems that the world is facing right now," he said. "There are banks to own in this environment; they'll win, coming out of this, and there will be a 'coming out of this' at some point."